San Francisco, CA - Local Housing Data - Summary

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San Francisco, Oakland, Fremont, CA

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San Francisco, CA Local News

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  • The Wage Growth Gap for Recent College Grads

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  • Tight Supply of Bay Area Lots, Labor Constrain Builders

    San Jose Mercury News staffer Pete Carey reports that, confronted with a shortage of labor and land to build on in the Bay Area, builders are getting caught up in the same kinds of bidding wars that have frustrated home buyers.

Freshest Figures Show New Home Sales and Prices Climb in San Francisco

Posted on: Jul 06, 2014 07:32:50 AM

In April, there was an increase in closings of new homes in the San Francisco, CA market year-over-year, and the percentage surge was greater than March 2014, giving hints of improving market conditions. There was a 50.5% jump in new home closings from a year earlier. This was after the housing market saw a 27.0% rise year-over-year in March.

A total of 3,474 new homes were sold during the 12 months that ended in April, up from 3,367 for the year that ended in March.

New home closings represented 6.9% of overall housing closings. This is an increase on a percentage basis, as new home closings were 4.2% of total closings a year ago. Following a year-over-year decline in March, closings of new and existing homes also sank year-over-year in April.

Pricing and Mortgage Trends

Average price of newly sold homes saw a 35.7% bump year-over-year in April to $780,169 per unit. This gain is an improvement over the 21.4% surge in March year-over-year.

Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. The average mortgage size rose to $566,637 in April, marking a 27.0% gain compared with a year earlier. Average mortgage size jumped 16.9% in March 2014 from a year earlier.

 
 
 

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